2021-03-31-accounts - Creative Kernow Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Reference and Admrnistrative Details
Trustees' Repo*		2 to 10
Statement ofTrustees' Responslbluties
Independent Auditors' Repo*		12to 15
Consolidated Statement of Financial	Activities	16
Consolidated Balance Sheet		17
Balance Sheet		18
Consolidated Statement of Cash Flows
Statement of Cash Flows		20
Notes to the Financial Statements		21 to 47

				Reference and Administrative	Reference and Administrative	Reference and Administrative	Reference and Administrative	Reference and Administrative	Reference and Administrative		Details	Details
Chief Executive		Officer			Percival Ross Williams (resigned					30	November	2020
					Fiona Catherine	Wotton	(appointed				30 November		202D)
Trustees					John Alfred Pulford
					Dinah Louise Graify (resigned 9August 2021)
					Simon Paul Harvey
					William Kim Conchie (resigned 9					August 2D21)
					Mark Terrance Smith (resigned				22 3anuary 2021)
					Eleanor 3ubb
					A)ay Chhabra (appointed		25	3anuary			2021)
					Amanda Berry (appointed		25 3anuary 2021)
					Tamara Bedford	(appointed		25	3anuary 2021)
Secrebsry					Percival Ross Williams (resigned					30	November	2D20)
					Fiona Catherine	Wotton (appointed					30 November		2020)
Principal	ik Registered			Office	Krcwil
					West Park
					Redruth
					Comwall
					TR15 3A3
Other Names of		the Charity			Arts Centre Trust, ACT, Creative					Skills
Company	Registration			Number	1727731
Charity Registration			Number		292138
Solicitors					Nalders
					Farley House
					Falmouth Road
					Trum
					Cornwa II
					TR1 2HX
Bankers					CAF Bank Limited
					PQ Box289
					West Mailing
					Kent
					M19 47A
					Lloyds TSB Bank	Pic
					Truro
					7 Boscawen Street
					Truro
					Cornwali
					TR12QT
Senior Statutory		Auditor			Paula Thomas BA FCA DChA
Auditor					Walker Moyle Ltd
					3 Chapel Street
					Redruth
					Corn wall
					TR1S 2BY
					Page 1

			Unrestricted	Restricted	Total	Total
			funds	funds	2021	2020
		Note		8	E	f.
Income and Endowments		from:
Donations and legacies 3 Commercial trading operations Investment Income 4 Charitable activities 5			410,268 1,374,365 565,381 113,266 1,365 535»		1,784,633 678,647 1,365 21 77'I	1,257,D73 572,342 1,427 111121
Total income				9 0 8
Expenditure on: Commercial trading Charitable activities Total Expenditure	operations 6		(583,276) (106,302) ~327 791~ ~06~		(689,578) ~680 ~3050	(644,046) ~1315073 1959919
Net income/(expenditure) Transfers between funds			81,304	94,057 ~399	175,361	(17,956)
Net movement in funds			85,301	90,D60	175,361	(17,956)
Reconciliation of	funds
Total funds brought	forward		»3	23796	»	680 632
II 0 I			5 3	32 0		662 676

	C	on	solidated B	alance Sheet as	at 31	March 202	1
						2021	2020
					Note	8	6
Fixed assets
Tangible assets					11	5,312,485	4, 140,912
Current assets
Debtors					13	817,911	667,459
Cash at bank	and	in hand					39
Creditors: Amounts			falling due within	one year	9	1,223,200 ~9	1,114,853 ~38
Net current	assets						38
Total assets	less	current liabilities				5,438,794	4,179,384
Creditors: Amounts			falling due after	more than one year	16	(4,589,274)	(3,508,350)
Provisions
Net assets						838037	662 6/6
Funds ofthe	group:
Restrloted funds						328,004	237,944
Unrestricted	income		funds
Unrestricted funds						8 33	2
Totalfunds					8	83883

		(Registration number: Balance Sheet as at 31	1727 March	731) 2021
				2021	2020
			Note
Fixed assets
Tangible assets Investments			11 12	286,376 201 286 577	286,851 201 8»
Current assets
Debtors Cash at bank and	in hand		13	1,168,379 304 072	823,917
Creditors: Amounts		failing due within one year		1,472,451 ~35	1,260,829 ~0493
Net current assets				57301	03
Total assets less current liabilities Creditors: Amounts falling due after more than one year			16	1,443,878 ~457 174	1,257,388 ~62 2
iiet assets				986 71	3
Funds ofthe charity:
Restricted funds				296,038	209,169
Vnrestrlcted income		funds
Unrestricted funds				66	585 99
Total funds			2	9 0	795 163

March 2	021
		2021	2020
	Note	E	E
Cash flows from operating activities
Net cash income/(expewliture)		175,361	(17,956)
Adjustments to cash flows from non-cash items
Depreciation Investment income		1D5,867 ~65	91,744 ~3
		279,863	72,361
Working capital adjustments
Decrease/(increaes) in debtors (Decrease)/increase in creditors (Decrease)/increase in provisions Net cash flows from operating activities	13 15, 16 19	(150,452) 953,666 3 5 »02	(244,923) 849,043 ~7900 0
Cash flows from investing activities
Interest received on bank deposits Rent Income Rent income from lease Rent income from lease - cons adj Purchase of tangible Axed assets Net cash flows from investing activities	4 4 4 4 11	165 1,200 5,151 (5,151) ~3277 440 ~25	227 1,20D 5,151 (5,151) ~6232 ~505
Cash flows from financing activities
Value of new loans obtained dunng the period Repayment of loans and borrowlngs	, 16	200,000 ~32	250,000 ~95
Net cash flows from financing activities			200 9
Net (decrease)/increase in cash and cash equivalents		(42,105)	314,205
Cash and cash equivalents at 1 April		»9	3
Cash and cash equivalents at 31 March		09	39

Statement of		Cash Flows	for the	Year Ende	d 31March	202t
					2021	2020
				Note		f.
Cash flows from operating		activities
Net cash income					191,541	63,792
Adjustmenta to cash flows Depredation Investment income		from non-cash	Items		3,715 ~63	4,294
					178,799	46,710
Working capital adjustments
(Increase)/decrease In debtors				13	(344,462)	224,564
Increase in creditors				15,16	19606	46 972
Net cash flows from operating		activities			~446 097	310246
Cash flows from investing	activities
Interest receivable and similar income Purchase oftangible fixed assets				11	16,457 ~32 0	1,427
Net cash flows from mvesting		actiwties			13?17	808
Net (decrease)/increase in cash and cash equivalents					(132,840)	319,054
Cash and cash equivalents at		1 April			436 912
Cash and cash equivalents at		31 March			304 072	436 9 2

					Unrestricted
					funds
						Restricted
					General	funds		2021		2020
					E	6			E	E
Grants
Creative Skills	—Arts		Council							1D,ODO
Creative Skills	-	ESF								3,381
Carn to Cove -	Cornwall			Council	16,650				16,650	16,650
Cern to Cove —Devon Distnct Councils							19,830		19,830	28,996
Cam to Cove -	Arts		Council		BO,ODO		15,40D		95,400	115,267
Cam to Cove -	Other				41,118		13,923		55,041	17,409
FEAST - Cornwall		Council				64,475			64,475	62,475
FEAST —Arts Council					100,000				100,000	100,000
FEAST - ESF							37,979		37,979	41,164
FEAST - Other							121500		12,50D	10,400
Cultivator					73,146	980,866		1,054,012		790,717
Other Projects	—Cornwall			Council	44,233				44,233	4,233
Other Projects	-	Arts Council			36,588				36,588	33,655
Other Projects	-	Other			8,191	214,020			222,211	6,250
Donations
Carn to Cove -	Donations				6,079		3,752		9,831	6,854
FEAST - Donations					4,224		11,620		15,844	9,272
Other Donations					39				39	350
						3	366	1	6 633	1 1636 3
4 Investment		income
						unrestricted
						funds
								Total		Total
						General E		2021 f		2020 E
Interest receivable and similar income;
Interest received			on bank deposits				165		165	227
Rent receivable										366
							1 365		363

Income from charitable	activities
	Unrestricted
	funds
		Restricted	Total	Total
	General f	fundsf	2021 f	2020 f
Caro to Cove	3,669	2,767	6,436	937295
Miscellaneous	» 688		6	826
	15357	6417	21 774

		MN			LD	N	o N0		CO		IA r	N I	oo
	I O				N	M			CO			N
	rCO	LD							N
	Io				CO r	LA r		cr	o r					M			oo	o CO
								N						N			Ifl
	N0																	N LO
	N
	0 IC0L0							Lh 'll N	O lo					N M			M	M M
	0S
	5 04					o tD	0 ID		CO M								M ot N	IO N thM
	0 20 U					Ih			M r CD					CO		M	Ch Cho M	N 'LD Ch	OtN Ct Cll fh
	-'05 CO F0~ ou 0 O 0,		Cho						Ot M M Lfl		o N
	So e8	o N							cr CO r					g M N		o LON
			M lft		oo N				N Ot CO Dt								o	r CO LD o N
0	OO Ih Ol g	Lt Cl CI	LtII!		o	0 o					IC III	C ot0 th
	IR
e
00												0 th			80 0		0V
												Cl			III
		IC0 U M	U 0	0 8	&5 V2 Lt9 O.		Tt I-			0a CL	E	Q CL ia	L! 8 lh00 U	K 8E O	2I! IO	00 0.0o	0aa0 I

10Group Slaff costs The aggregate payroll costs were as follows:
	2021	2020
	6
Staff costs during the year were:
Wages and salaries	865,710	755,187
Social security costs	65,730	62,401
Pension costs	24,368	20,905
Other staff costs		18853
	858 187

the year w	as	as follows:							y	gp
								2021		2020
								No		No
Chantable	Activities								35		37
No employee		received emoluments		ofmore than f60,000 during the			year.
The number		ofemployees	whose	emoluments	fell within	the following	bands was:
								2021		2020
								No		No

								0 Ut O 'I! lD	Cl N Dl N	N CD P		o N M O		o ID Dt M I rr	r tD CD O			N cro
												Ir!
				4t C g w 0 v OQ 0000				0 Dt trtI ID		N 0 I	CD 0 N lD ID							ot lrt rtD
				c	8 "8
	O
	P4 V l5X				'0g C g w ee			M tD IA tD Pl	'	'	Ct Ot N tD ID			0	01 Cl0 CD	ID cr	Pl N M Dl CD Pl
	Pi
	'Q Q'0 C					v0Il 8		Cl M	Ul O ltl					m Ul NPl	m0 Dl		m0 Ul Illl
'a	I					0IP III
Q	Q
E	Q							Pl m						m N	o 'ID	M CO ID		00
	~P				IIv~w			ID Ctt						Ul Dl	Ch	'lr		0
aC	I0				8
I
Q Q S	ktCQ E Q			'Cf0 m	~g 5 gnaw			O O 00 Ut	P I Pl Pt			r PP Pl UlN		O 0 O m	O Ut		Ch Ut 0 CO
Q
V	N
	IQ
	V
	Q
	lOC
	II
	Q
	DJ0
	N
	Q
	0Z
															I-
															fU			O
		I0 Cl 0t0 I-	0. 0 C5				Cl	0 N0 N cr	ltt00	0 tU E	0	ON Ctz m	0 II Ih ClO	N0 Pl CC ~I	DU 0 p tg U	N V K P\|0 nl O Z m 4	0 L E

Charity
		Freehold
	Equipment	Property	Total
	E		E
Cost
At 1 April 2020	35,637	303,l.42	338,779
Additions	3 240
At 31 March 2021	38877		342019
ttepreoiatian
At 1April 2020	31,794	20,134	51,928
Charge for the year	2 653	1 062	3315
At 31 March 2021	34447	96
Net book value
At 31 March 2021	'I 430	201946
At 31 March 2020	30 3		206 051

Details of capital are	the investments as follows;	in which the	in which the	group	holds 20% or more of the nominal	of any	class of share
Undertaking		Country of incorporation		Holding	Proportion of voting rights and shares held	Principal activity
Subsidiary	undertakings
						receives	rental
Krowji Limited		United	Kingdom	Ordinary	10D%	Income property	from a that it leases
						from the Charity
						receives	income from
Cornwall Arts Marketing Limited		United	Kingdom	Ordinary	100%	the pubhshing of website and magazine
						listings	within
						Com wall
						to develop the screen
Screen Cornwail						mdustries in Cornwall
Limited		United	Kingdom	Ordinary	100%	to build	a strong and
						thriving	production
						sector

Charity
					202i	2020
					E	6
Shares in group undertakings	and	participating	interests		201	201
Shares in group undertakings		and participating		Interests
					Subsidiary
					undertakings	Total
					E.
Cost
At 1 Apnl 2020					201	201
At 31March 2D21					201	201
Met book value
At 31March 2021					01	201
At 31March 2020						20

		2021	Group	2020	Charity 2021	2020
		6		6	6	6
Trade debtors		18,068		64,853	6,461	5,070
Grants Receivable		769,564		495,849	618,241	231,711
Due from group	undertakings				516,556	565,531
I2repayments		20,603		46,505	19,460	7,617
VAT recoverable				9,235
Other debtors		9	676	51017	06	13 908
		817	911	6 09	1160379	2

Deferred Charity	Inconie
				2021
				E
Deferred	Income at I April 2020			697,206
Resources Amounts	deferred released	in the period from previous	periods	261,522 ~23 9
Deferred	Income at 31 March 2021			723 747
Group
				2021
				E
Deferred	income at 1 April 2020			2,994,629
Resources Amounts	deferred released	in the period from previous	periods	1,715,264 ~701 '100
Deferred	income at 31 March 2021			4 000'113

	2021 f	Group	2020 f		2021 f	Charity	2020 f
Land and buildings
Within one year	7,833			833
Between one and five years	17	300
				833
Other
Within one year		513		513		513		513
Beuveen one and five years	1	281	1	794	1	281	1	794
		9		307	1793		23

Group
		Balance at				Balance at
		1April	Incoming	Resources		31March
		2020 f	resources f	expended f	Transfers f	2021 f
Unrestricted	funds
General
Unrestricted Restricted funds Restricted		424,732	992,3/I ~ 048	(911,067) 3,997 ~1 399991~		510,033 000
Totalfunds		662 6	06 1~	~2 311030		030 037
		Balance at				Balance at
		1AprH 2019 f	Incoming resources f	Resources expended F.	Transfers f	31March 7020 f
Unrestricted	funds
General
Unrestricted		492,757	901,032	(979,057)	10,000	424,732
Restricted funds Restricted Total funds		0 0 93 6» 941 963		~0062 ~00	~20 000	23 6

Charity
			Balance at				Balance at
			1April	Incoming	Resources		31March
			2020 6	resources	expended 6	Transfers 6	2021
Unrestricted funds
General
General			585,994	442,082	(336,317)	(1,093)	690,666
Restricted funds
Cern to Cove Locomotor			73,058	19,022	(39,939)		52,141
Cern to Cove Villages		in Action
—Haadley Trust	Donation		5,000				5,000
Piano Go Round			3,136	360			3,496
Inn Crowd				1,250			1,250
Iaw jaw				6,960	(6,810)		150
C-Fylm —Cultivator			981		(505)		476
C-Fylm - International		Women	926				926
C2C Space Project					(96)	96
C2C Symphony	ofthe
Countryside				3,550	(1,735)		1,815
C2C Tin Coast				1,800	(118)		1,682
C2C Culture Recovery		Grant		15,400	(5,890)		9,510
C2C —C-Fylm Crowdfunder c2c - scops Arts Trust (R)				3,330 4,000			3,330 4,000
British Film Institute -		Cinema
Equipment Package			279		(223)		56
FEAST Year 9			7,753		(2,500)		5,253
FEAST Year 10			12,712		(2,00D)		10,7I.2
FEAST Year 11			6,846		(100)		6,746
FEAST Year 12			58,381		(39,D82)		19,299
FEAST Year 13				62,475			62,475
FEAST Bright Sparks			4,437		(90)		4,347
FEAST Cornwall	AONB
Celebrations			5,975		(6,000)	25
FEAST Gamechanger				37,9/9	(38,343)	364
FEAST Bill's Attic			947	13,120	(12,522)		1,545
FEAST Cornwall	Community
Foundation			3,150		(2,990)		160
FEAST Cornwall	Comm
Foundation Covid Emergency
Fund				5,000	[4,650)		350
FEAST Redruth	HSHAZ			9,650	(4,000)		5,65D
FEAST Kresen Kernow
Commissioning				2,000	(1,50D)		500
Core ACE grant	for Krowji
Phase 2				214,020	(214,020)
Corn wall 365			403		(403)
Cultivator			1,175	98D,866	(910,763)		71,278
NFASP			24,010		(119)		23,891
				Page 40

Notes to the Fin	ancial Statem	ents for 2021	the Y	ear	Ended 31	iiiiarch
	ealancs at					aalance at
	1April 2020 d	Incoming resources 0	Resources expended d		Transfers d	31March 2021
G7				(10)	to
Donations					598
Total restricted funds	209 169	1300 702	~1293	006	093	29
Totalfunds	93163	1822 064	~1631	323	-	906

				Balance	att	Incoming	Resources	Balance	at 31
				April 2019 E		resources 6	expended 6	March 8	2020
Iinrestricted funds
Generef
General				5537496		404,555	(372,057)	585,994
Restricted funds
Cam to Cove Locomotor				51,413		92,351	(70,706)	73,058
Cern to Cove Villages		In Action-
Headley Trust Donation						5,000			5,000
SPARSE						7,743	(7,743)
Piano Go Round						3,444	(308)		3,136
Inn Crowd						2,DOO	(2,000)
3aw 3aw						3,625	(3,625)
C-Fylm - Cultivator					1,486		(505)		981
C-Fylm - International			Women			1,550	(624)		926
British Film Institute		—Cinema
Equipment Package					502		(223)		279
Cornish Tummies					822		(822)
FEASTYear 9				18,946			(11,193)		7,753
FEASTYear 10				17,312			(4,600)	12,712
FEASTYear 11				49,857			(43,011)		6,846
FEASTYear 12						64,475	(6,094)	58,381
FEAST Bright Sparks					2,425	5,000	(2,988)		4,437
FEAST Cornwall	AONB		Celebrations		5,975				5,975
FEAST Gamechanger						41,164	(41,164)
FEAST Bill's Attic						7,272	(61325)		947
FEAST Cornwall	Community
Foundation						5,000	(3.,850)		3,150
Core ACE grant	for Krow)J Phase 2					10,980	(10,980)
Cornwall 365					823		(420)		403
Clore Fellowship					1,250	6,250	(7,500)
Cultivator					2,923	725,780	(727,528)		1,175
IIIFASP Creative Europe	- CARPET			24,141			(131) ~338	24,010
TOtal restricted funds				177875		985 ~15	~953 72
Total funds						5 0	~1325778	795 183

			Unrestricted	Restricted	Total	Total
		Note	funds E	funds E	2021 f	2020 f
Income and Endowments		from:
Donations and legacies		3	41D,268	1,374,365	1,784,633	1,257,073
Charitable activities		5	15,357	6,417	21,774	111,121
Investment Income			16457		16457	21 376
Total Income Expenditure on: Charitable a*ivities Total Expenditure			442 082 30 ~3363»~ ~336317~		1822 06 ~1633323 ~63»	389570 1 325 778 ~320 770
Net income Transfers between	funds		105,765 ~1093	85,776 1093	191,541	63,792
Net movement m funds			104,672	86,869	191,541	63,792
Reconciliation of	funds
Total funds brought	forward		585994	209 169	795 163	73
7 17 6 0		&		96 0	9 6 04	795 163